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Rose Bay Homes Attracting Downsizers

Rose Bay is a popular suburb amongst downsizers to purchase a new home even if they are already residing within the Eastern Suburbs.

At present, buyers in the housing market are mostly downsizers. As Peter Kerras, Director Residential with Colliers International explains, there is no doubt that downsizers are the most active buyer demographic. Mr Kerras explains that downsizers have the means to spend due to the very strong price growth in their homes which then enables them to draw on super to buy a new home.

But unlike previous downsizers who usually prefer having terrace houses and single-level villas, the downsizers of today are very much diverse.

They are now seen to actively consider purchasing apartments and houses that are off the plan in areas where they previously had a large house.

House Key — *Photo credit: CCO Public Domain/ PhotoMIX-Company/ Facebook*

But whilst majority of the downsizers are moving into smaller houses, apartments and retirement villages, a great number of downsizers still remain at the comfort of their old houses. This is simply because they cannot find the right dwelling that matches their preference and needs in the housing market.

In fact, most downsizers are still focused on purchasing a three-bedroom home with two bathrooms and parking space for two cars. This type of home is quite hard to find nowadays due to its demand and limited supply.

This explains why there are not much options left for some downsizers; hence, it draws them to look for other diverse houses that are often uncommon for downsizers or they simply opt to rather stay at their old houses.

What are Downsizers looking for?

Rosebay house — *Photo credit: www.allhomes.com.au*

According to real estate professionals, here are some of the qualities that downsizers are often considering when purchasing their new home:

Three-bedroom in a single-storey villa that is about 400 square metres.
Low maintenance homes where they can easily lock up and leave.
Home that is easily accessible to the city.
Low maintenance courtyard and a third bedroom that could be converted into a home office.
Home with pleasant view within the vicinity.
Lifestyle amenities for the entire family.

Rose Bay and similar eastern suburbs such as Double Bay and Potts Point all have the qualities that downsizers want. This is why they tend to attract a good number of downsizers who may already be residing around the eastern Sydney suburbs.

Rose Bay Among Sydney Suburbs with Double-digit House Price Decline

Whilst a few suburbs have managed to defy the downward trend and post price growth over the 12-month period ending in December 2018, the slumping Sydney housing market saw several of its suburbs, like Rose Bay, record double-digit median house price decline, as revealed by the latest data from Domain Group.

Rose Bay is among the Sydney suburbs that recorded a sharp year-on-year median house price decline, the Domain House Price Report – December Quarter 2018 said. The median house price in Rose Bay for the 12-month period ending in December 2018 is at $3,375,000. That’s a decline of 17.50 percent from the year before.

The latest data from realestate.com.au, on the other hand, shows the median house price in Rose Bay at $3,600,000, based on 66 houses sold from 1 Feb 2018 to 1 Feb 2019, still higher than the NSW median of $700,000.

Penshurst was the hardest hit suburb with a year-on-year decline of 19.70 percent for a median house price of $1,060,000. Following Penshurst was Lane Cove (-18.2%), Glebe (-17.7%), Rose Bay (-17.5%), Redfern (-16.8%), Castle Hill (-16.6%), North Bondi (-16.1%), Peakhurst (-15.8%), Lindfield (-15.7%), and Forestville (-15.6%).

Video Credit: Domain / YouTube

Over the year to December 2018, Sydney’s median house price dropped 9.9 percent to $1,062,619, its steepest decline in two decades, pushing house prices back to mid-2016 levels. In the December quarter alone, prices have fallen 3.2 percent and many regions recorded double-digit year-on-year declines, led by the South with a 14.80 percent median price decline.

Prospects for the Sydney market recovering anytime soon remain uncertain as experts are split on when the downward trend will bottom out. Contraction was triggered by reduced foreign buyer demand and more supply flooding the market, coupled with strict lending conditions and jitters over possible tax changes.

Coming from a bullish market that saw prices skyrocketing in mid-2017, the contraction in the Sydney housing market is seen as a welcome relief for first-time buyers as houses and units become more affordable. Increased affordability could help bring buyers back, but declines should remain at a slower pace to keep peak-to-trough price fall under 20 percent, experts say.

Why Catalina Is Still the Most Popular Restaurant in Rose Bay After 20 Years

Catalina is an iconic Sydney restaurant. That is simply an indisputable fact. Built in Rose Bay in the mid-90s as a family-managed establishment, this harbourside spot has been a big part of the dining experience of many Sydneysiders.

Locals love hosting events like weddings, birthdays, reunions, and other milestones at the Catalina because of its spectacular food choices. The restaurant’s specialty is seafood but the menu is a mix of French, Italian, Mediterranean and Spanish influences served by head chef Max Axisa.

*Photo Credit:* *Catalina Rose Bay/Facebook*

The best seats in Catalina are by the deck, where diners can watch planes fly or enjoy the night lights twinkling in the water as they eat their food. Prior reservations are recommended since this area can easily fill up during lunch and dinner.

The panoramic water view makes dining at the Catalina by the deck is a relaxing and pleasurable experience even when it’s filled with people. If you have guests from out of town and you’d like to show off the beauty of Sydney, then taking them to this restaurant and asking for a seat by the deck would be a perfect idea.

Those who prefer to be seated inside will find no shortage of views too, thanks to the wide windows providing great vantage points of the water.

Waiters and service staff at the Catalina are instructed to treat every guest with the highest regard, maintaining the best standards that the restaurant is known for.

This restaurant is one of the very few food places in Sydney that still has crisp white table cloths. Owner Michael McMahon believes that the Catalina doesn’t have to be trendy and casual like many new restaurants. Instead, he wants to maintain Catalina as the place where grown-ups eat great food.

“A wonderful afternoon spent here with girlfriends. The food and service was brilliant – not to mention the location & view. We didn’t feel at all rushed and had a relaxing experience.”
~ Simone Elsden, via The Fork

“Wowwww, I was not expecting the food here to be that great but I was definitely pleasantly surprised. I ordered the scallops for entree, which were perfectly cooked and the sauce underneath was honestly great. For main, I ordered the toothfish with shiitake mushroom dumplings in a dashi broth. Oh my – a dish that is very well thought out, with all the flavours/ingredients complementing each other perfectly. Everyone on the table had food envy for my dish (just quietly). Unfortunately, I had no room for dessert today, but the menu had so many great options, so I will definitely be back soon to try them out! The wait staff was great – very friendly, accommodating and speedy. A fantastic lunch!”
~ TheHappyMedium, via Zomato

“Wonderful in every respect. Food, friendly service, wine, harbour view, desserts, people-watching, coffee. White tablecloths, smart casual dress code. Highly recommended.”
~ Ian Ferris, via Delicious

This family-friendly restaurant is open daily at 12:00 noon and for dinners at 6:00 p.m. from Mondays through Saturdays.